As per the latest analysis, the global static VAR compensator market value is forecast to increase from US$ 1,020.2 million in 2024 to US$ 1,667.0 million by 2034. Over the assessment period, global demand for static VAR compensators is predicted to surge at a CAGR of 5.0%.
The thyristor controller reactor segment dominates the global static VAR compensator market, holding a volume share of 41.1% by 2024. On the other hand, the static synchronous compensator segment is anticipated to record a higher CAGR of 5.1% through 2034.
Several factors are projected to stimulate growth of the global static VAR compensator Market during the assessment period. These include escalating electricity demand, integration of renewable energy sources, and a growing need for enhanced grid stability, power quality, and efficient power transmission and distribution systems.
As the world continues to face electricity challenges, the spotlight is falling on advanced technologies like static VAR compensators. These compensators are gaining wider popularity due to their ability to maintain grid stability and efficiency, which is essential for ensuring reliable electricity supplies.
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Rapid urbanization and industrialization are generating significant electricity demand globally. To meet this demand, huge investments are being made to develop power grid infrastructure, resulting in higher demand for SVCs, which are widely used to improve grid efficiency and reliability.
Static VAR compensators play a crucial role in enabling a smooth transition towards a renewable-powered future. Thus, the transition towards renewable energy sources like solar and wind power will generate significant demand for effective grid management tools to address voltage fluctuations.
Key Takeaways from Static VAR Compensator Market
- The global SVC market is projected to grow at 0% CAGR through 2034.
- By product type, the thyristor controller reactor segment is set to total a valuation of US$ 664.8 million by 2034.
- By end-use industry, the energy utilities segment is forecast to hold a market share of 0% in 2024.
- East Asia is set to account for a prominent market share of 5% in 2034.
- China’s industry value is anticipated to reach US$ 257.8 million by 2034.
- Revenue in the United States is projected to total US$ 169.8 million by 2034.
- Demand in Italy is predicted to rise at 9% CAGR through 2034.
“The static VAR compensator market is experiencing robust growth fueled by escalating demand for grid stability, improved power quality, and efficient power transmission solutions. As industries and utilities seek to enhance their electrical systems’ reliability and performance, the need for static VAR compensators continues to increase steadily,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Who is Winning?
The global static VAR compensator market is fragmented, with top players accounting for about 40% to 45% of the share. Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, ABB, Emerson Electric Co, Hyosung Corporation, Fuji Electric, NR Electric Co., Ltd., Nissin Electric Co., Ltd., S&C Electric Company, American Superconductor Corp., NR Electric Co., Ltd., and Merus Power Dynamics Oy are the leading static VAR compensator manufacturers and suppliers listed in the report.
Key players are focusing on developing innovative solutions with enhanced efficiency and reliability to meet the evolving needs of end users. They also implement strategies like acquisitions, mergers, agreements, and partnerships to strengthen their footprint.
Recent Development in Static VAR Compensator Market
- In 2022, Mitsubishi Electric Corporation introduced three new Large DIPIPM+TM transfer-mold intelligent power modules.
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Market Segmentation of Static VAR Compensator Market
By Voltage Level:
- Low Voltage (400V to 1KV)
- Medium Voltage (1KV to 69KV)
- High Voltage (Above 69 KV)
By Product Type:
- Thyristor Controller Reactor
- Thyristor-switched Capacitor
- Thyristor-controlled Series Capacitor
- Static Synchronous Compensator
By Application:
- Voltage Control
- Power Factor Correction
- Grid Stabilization
- Renewable Energy Integration
- Transmission Line Compensation
By End-use Industry:
- Power Generation
- Renewable
- Non-renewable
- Energy Utilities
- Electric Traction
- Mining and Metal
- Oil and Gas
- Textile
- Cement
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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